US regional retailer Harris Teeter, set to be taken over by supermarket giant Kroger, has booked an increase in full-year earnings.
Net profit amounted to US$107.9m in the 12 months ended 1 October. Operating profit climbed 13.7% to $194.3m.
Go deeper with GlobalData
Sales in the period increased by 3.8% to reach $4.71bn. During fiscal 2013, Harris Teeter opened nine new stores. The company now operates 216 stores, with retail square footage having increased 4.2% in the period.
“We are pleased with our results for fiscal 2013 and the opportunities ahead of us with the Kroger merger and our recent store acquisitions,” said CEO Thomas Dickson. “We believe these positive results are attributable to our continuing commitment to our customers to deliver outstanding values and excellent customer service.”
Harris Teeter agreed to a $2.44bn takeover bid from Kroger in July. The Harris Teeter banner, seen across states in the south east of the US, will remain. The deal is subject to shareholder and regulatory approval.
For our analysis of Kroger’s planned takeover of Harris Teeter, click here.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataClick here to view the full earnings release.
